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KCL Infra Projects Ltd.

BSE: 531784 Sector: Infrastructure
NSE: N.A. ISIN Code: INE469F01026
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NSE 05:30 | 01 Jan KCL Infra Projects Ltd
OPEN 0.84
PREVIOUS CLOSE 0.84
VOLUME 31000
52-Week high 2.00
52-Week low 0.69
P/E 6.00
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.84
CLOSE 0.84
VOLUME 31000
52-Week high 2.00
52-Week low 0.69
P/E 6.00
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

KCL Infra Projects Ltd. (KCLINFRA) - Auditors Report

Company auditors report

To

The Members of KCL Infra Projects Limited

(CIN No. L45201MH1995PLC167630)

Report on the Financial Statements

We have audited the accompanying financial statements of KCL Infra ProjectsLimited(“the company”)Registered Address B-3/204 Saket Complex Thane (west)Mumbai - 400601 which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 (“the Act”) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.We have taken into account the provisions of the Act the accounting and auditingstandards andmatters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at 31stMarch 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

1. As required by section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c) The balance sheet the statement of profit and loss and thecash flow statement dealt with by this Report are in agreement with the books of account;d) In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014; e) On the basis of the written representations received from the directors ason 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 164 (2) of the Act; f) With respect to the adequacy of the internal financialcontrols over financial reporting of the company and the operating effectiveness of suchcontrols refer to our separate report in “Annexure A”; and g) With respect tothe other matters to be included in the Independent Auditors' Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the bestof our information and according to the explanations given to us: i. There was no pendinglitigation as at 31st March 2017 which would impact the financial position ofthe company. ii. The Company has made provision in its financial statements as requiredunder the applicable law or accounting standards for material foreseeable losses on longterm contracts including derivative contracts; iii. There are no amounts which arerequired to be transferred to the Investor Education and Protection Fund by the companyduring the year ended 31st March 2017 iv. The company had provided requisitedisclosures in Note no. 15.1 to these financial statements as to holdings as well asdealing in specified bank note during the period from 8th November 2016 to 30thDecember 2016. Based on our audit procedures and relying on the management representationregarding the holding and nature of cash transactions including Specified Bank Notes wereport that these disclosures are in accordance with the books of accounts maintained bythe Company and as produced to us by the Management.

2. As required by the Companies (Auditor's Report) Order 2017 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the “Annexure B” statement on the matters specified in theparagraph 3 and 4 of the Order to the extent applicable.

For S. Ramanand Aiyar & Co.
Chartered Accountants
FRN: 000990 N
Sd/-
Amit Singhvi
Place: Indore Partner
Date: May 30th 2017 Membership No. 129331

ANNEXURE A TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 We have audited the internal financial controls overfinancial reporting of KCL Infra Projects Limited as at 31st March 2017 inconjunction with our audit of the financial statements of the company for the year endedon that day.

Management's Responsibility for Internal Financial Controls

The Company is responsible for establishing and maintaining internal financial controlsbased on the internal control over financial reporting criteria established by the companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required by the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing (‘the Standards') issued by theICAI and deemed to be prescribed under section 143(10) of the Company's Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For S. Ramanand Aiyar & Co.
Chartered Accountants
FRN: 000990 N
Sd/-
Amit Singhvi
Place: Indore Partner
Date: May 30th 2017 Membership No. 129331

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

The annexure referred to the Independent Auditors' Report to the members of the companyon the financial statements for the year ended 31st March 2017 we reportthat: i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with this programmecertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company. ii. As explained to us the physical verification ofinventory has been conducted at reasonable intervals by the management and no materialdiscrepancies were noticed and the same have been properly dealt with in the books ofaccount. iii. In our opinion and according to the information and explanations given tous the Company has not granted loans secured or unsecured to companies firms or otherparties covered in the register maintained under section 189 of the Companies Act 2013(‘the Act'). Hence clauses iii(a) iii(b) and iii(c) of paragraph 3 of the Order arenot applicable. iv. In our opinion and according to the information and explanation givento us the company has complied with the provision of Section 185.

However The Company has not complied the provisions of section 186. The amount ofnon-compliance is

Rs.16461240/- with respect to loans and investment made. v. The company has notaccepted any deposit from public. vi. The Central Government has not prescribed themaintenance of cost records under section 148(1) of the Act for any of the servicesrendered by the Company (a) According to the information and explanations given to us andon the basis of our examination of the records of the Company amounts deducted/ accruedin the books of account in respect of undisputed statutory dues including provident fundincome tax sales tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees' state insurance and duty of excise. (b) According to the informationand explanations given to us no undisputed amounts payable in respect of provident fundincome tax sales tax service tax duty of customs value added tax cess and othermaterial statutory dues were in arrears as at 31st March 2017 for a period ofmore than six months from the date they became payable.

(c) The disputed statutory dues aggregating Rs. 1.67 Lacs that have not been depositedon account of disputed matters pending before appropriate authorities are as under:

S.No. Name of the Statute Nature of the Dues Amount Period to which the amount relates Forum before dispute is pending
1 MP VAT Act 2002 VAT (Tax + Penalty) 165524/- Assessment Year 2015-16 Appellate Tribunal
2 Entry Tax Act 1976 Entry Tax (Penalty) 5000/- Assessment Year 2015-16 Appellate Tribunal

viii. The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders ix. The company did not raiseany money by way of initial public offer or further public offer (including debtinstrument) and term loan during the year. Accordingly paragraph 3 (ix) of the order isnot applicable. x. According to the information and explanations given to us no fraud bythe Company or on the company by its officers or employees has been noticed or reportedduring the course of our audit. xi. According to the information and explanation given tous and based on our examination of the records of the Company the company has paid/provided for managerial remuneration in accordance with the requisite approvals by theprovisions of section 197 read with Schedule V to the Act. xii. In our Opinion andaccording to the information and explanation given to us the Company is not a nidhicompany. xiii. According to our information and explanation given to us and based on ourexamination of the records of the company transaction with the related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransaction have been disclosed in the financial statement as required by the applicableaccounting standards. xiv. According to information and explanation given to us and basedon our examination of the records of the company the company has not made any preferenceallotment or private allotment of shares or fully or partlyconvertible debentures duringthe year. xv. According to information and explanation given to us and based on ourexamination of the records the company has not entered into non-cash transaction with thedirectors or persons connected with him. Accordingly paragraph 3 (xv) of the order is notapplicable. xvi. The company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For S.Ramanand Aiyar & Co.
Chartered Accountants
FRN: 000990 N
Sd/-
Amit Singhvi
Place: Indore Partner
Date: May 30th 2017 Membership No. 129331